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Dr. Wunder shared that this school year's was one of the smoothest school openings ever. He went on to comment on the incident at Del Aire Park, saying that the teamwork and communication with Dr. Silvers and Wiseburn was exceptional.

Dr. Wunder also shared that Da Vinci Design has been recognized by California Charter Schools Association (CCSA) as one of ten exceptional charter schools in California that are sending significantly more historically disadvantaged graduates to four-year colleges and preparing them for careers. In 2022, 78% of DVD's Black graduates completed a CTE pathway, one of California's highest rates of all charter high schools. CCSA found that charter schools send twice as many students of color to four-year colleges than traditional public schools. The CCSA's annual report for 2024, "Portrait of the Movement," offers a comprehensive look at how California charter schools are innovating and increasing access to college and career.

Ms. Rodriguez noted 14 new hires across all schools. The new hires were welcomed with three days of professional development (new this year for Da Vinci) and were very appreciative. One of the new hires told Assistant Superintendent of Curriculum and Instruction Michelle Rainey that it was more professional development than she had had all year in another district.

Ms. Rodriguez also shared information about the Declaration of Need for Fully Qualified Educators up for approval, to be submitted to the CTC for a math teacher in the process of earning a credential. In response to Ms. Heimov's inquiry, Dr. Wunder shared that Da Vinci has used this form in the past 16 years, and the CTC's requirements have increased as the applicant pool has decreased. This is a relatively new requirement for board approval of the Declaration of Need. Da Vinci leaders are highly confident in this individual teacher. Brief discussion ensued. 

Mr. Amato shared the 2023-24 Year-End Unaudited actuals summary. Mr. Boston inquired about the delay, to which Mr. Amato replied that the volume of grants and expenses that needed to be applied to them created a greater workload to work out the best use of the funds.  

Dr. Wunder also noted that all Da Vinci teachers have an individual budget for supplies, and each Da Vinci school is a separate Local Educational Agency (LEA) and a separate business unit, creating more complexity. Mr. Amato is putting systems in place to cope with the burden at the end of the year.

Mr. Amato then discussed the Year-End unaudited actuals, going over the balance sheet. Cash and accounts receivable are very similar to last year at this time, as well as the healthy liquidity ratio. He then went on to present the P&L and year-end results and reserves summary. 2023-24 was healthy. Net operating reserves (cash reserves to support operations going into 2024-25) are also healthy, at 31.1% of operating expenses. 

Da Vinci has made its 1% of LCFF for the 201 schools deferred maintenance contribution to reserves as required by the Da Vinci Facilities Use Agreement with Wiseburn. 20% of Da Vinci operating expenses are designated for economic uncertainty. 

Mr. Boston inquired about revenue and grants. Mr. Amato shared that most grants are restricted or school or program-specific, and amounts are calculated by the grantor based on a multitude of factors, including ADA or unduplicated populations, etc. But even with unrestricted grants, Mr. Amato must look at the needs of individual schools and areas of greatest need. There is some allocation leeway, but a school's year-end financial position may be determined by how much grant allocation was given to that school.

Mr. Amato shared the good news that reserves and bottom line are what he had projected in March, however, more grant funds that he had anticipated are able to be carried forward into 2024-25.

Restricted funds are grants from the previous year that will be used in the future, and are therefore temporarily restricted. CTE Facilities Program construction reimbursement funds were temporarily restricted for use on the CTE Studio, which no longer needs those funds, so the extra $434K is added to the reserves. There is no time restriction for use of the money.

Up for approval is the of Banc of California $2.5M line of credit, which renews at this time every year. It is available for use, but Da Vinci has not used it in the four years. There is a $1K annual fee, but Mr. Amato has negotiated with the bank to get two years for that amount, in addition to a .25% reduction in interest. 

Mr. Bravo shared that the soccer field construction is underway and on schedule; the field has been leveled and compacted in preparation for the installation of shock pad and turf in the coming week. 

Mr. Bravo also shared the Café option based on the Health department's requirements. The total hard and soft costs are estimated at $215,973. Mr. Amato noted that he will add 25% contingency ($265K), and that there is a State grant ($169K) that will help offset the costs.

Mr. Santiago inquired about revenue from the coffee bar. Mr. Amato worked hard with the vendor, so rather than the school being responsible for the profit and loss, the vendor partner takes on the responsibility of those costs. Da Vinci breaks even, and the entrepreneurial pathway and FUTURES students will benefit (the original construction was paid via grant funds).

Brief discussion on the installation date of the second set of bleachers in the gym (mid September).

Mr. Bravo also shared that the gym (Hall of Champions and north lobby) will be a voting center in November for four days of voting.

Item pulled.

Mr. Boston inquired about the funding, especially for students who may not be able to afford the cost. Dr. Wunder shared that the clubs prepare for this and the Da Vinci Schools Fund often subsidizes the cost for those students.. 

Closed session entered at 7:11 p.m.

Public session reconvened at 7:55 p.m.

Dr. Webber reported that no action had been taken in closed.